Swedes set to reap billions in tax refunds ahead of Midsummer

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More than 20 billion kronor ($3.25 billion) in tax refunds are set to rain down on close to 3 million Swedes ahead of the Midsummer holiday, marking a new record due in large part to the popularity of filing tax forms electronically.

"Never before have so many gotten taxes back before Midsummer," Hans Erik Axelsson of the Swedish Tax Agency (Skatteverket) said in a statement.

"The increase is primarily due to more and more Swedes filing declaring taxes electronically via the internet, text messages, smart phone apps, and the telephone."

Roughly 4.5 million Swedes took advantage of electronically tax filing services for the 2010 tax year.

From Wednesday, Swedes expecting tax refunds can log into the Tax Agency's website to check if their refunds have been processed.

Funds aren't expected to be transferred to most people's bank accounts until next week, however, and will continue until the June 24th Midsummer holiday.

However, some lucky taxpayers may already see a boost to their bank accounts by the end of the week.

Individuals with more complex tax filing requirements, such as business owners or those who have lived abroad, will have to wait until at least early August to receive their tax returns, with some having to wait until December.

"Several thousand taxpayers won't get their money before Midsummer, even though they filed via the internet, text message, or telephone. That's because they were selected for closer reviews which aren't completed yet," Axelsson said.